Finleap sells its FinanceAds shares

According to a media report, the start-up builder is parting ways with the joint venture. FincanceAds founder Ralf Fischer is taking over the shares.

The Berlin-based company builder Finleap has sold its minority stake in FinanceAds, reports Finance Forward. The company owned 45 percent of the shares in the joint venture. The shares are being acquired by the founder of the affiliate network Ralf Fischer. The purchase price was not disclosed.

FinanceAds helps banks and insurance companies with marketing and new customer acquisition. The service includes a comparison calculator. It was only in March that the company amicably parted company with its long-standing managing directors Stephan Boos and Hakan Özal. David Abebe has been managing the business on an interim basis since March.

The start-up was recently in the black. A profit of 700,000 euros remained in 2019. However, the affiliate specialist was not Finleap's top priority, reports Finance Forward. Finleap holds stakes in Solarisbank and insurance broker Clark, among others.

Finleap is pushing ahead with a change in strategy. The workforce has already been reduced from 80 to 15 employees. The two board members Birte Sewing and Florian Resatsch had to leave Finleap just under a month ago.